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Pizza Pier issues 7%, 10-year bonds with a face amount of $80,000 for $85,951 on January 1, 2018. The market interest rate for bonds of

Pizza Pier issues 7%, 10-year bonds with a face amount of $80,000 for $85,951 on January 1, 2018. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually on June 30 and December 31. 1. Record the bond issue. 2. Record the first interest payment on June 30, 2018.

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